The price of a typical UK house rose by 0.3% according to the latest Nationwide House Price Index.

The price of typical home now stands at £166,022, but are 0.7%lower compared to last year.

Robert Gardner, Nationwide's Chief Economist, said: "The Nationwide House Price Index has reached an important milestone; it was first produced in 1952, and has therefore run for the Queen's entire reign. According to our data the average UK house price has increased from £1,891 to £166,022 during the Queen's reign, that's almost an 88 fold increase over the 60 year period, while the cost of goods and services have recorded a more modest 25 fold increase.


"Dramatic increases might be expected over such a long timeframe, but over the last eighteen months, house prices have been fairly stable, despite the challenging economic backdrop."

(CD/GK)